The conditional bill of sale refers to any assignment or transfer of personal chattels to a person by way of security for the payment of money. The conditional bill of sale creates a security in favour of the grantee of the bill whereby the grantee is given personal right of seizure giving right to a security interest of a possessory nature.
It should be noted that there are other forms of security over goods such as a pledge and contractual lien which also only give right to a security interest of a possessory nature.
A good example of a conditional bill of sale is where a creditor gives a loan and has transferred to himself, as collateral or security for the loan, the title of the goods or other personal property of the debtor. The physical goods or other property however remains with the debtor.
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on Wednesday, November 25th, 2009 at 7:15 am and is filed under Auto Bill Of Sale, Bill Of Sale Form, Car Bill Of Sale, Free Bill Of Sale Information, Vehicle Bill Of Sale.
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